OIC Countries to Enter Russian Market

14.05.2018

KAZAN - (Sputnik) Russia is ready to support Organization of Islamic Cooperation countries (OIC) in their effort to enter the Russian market. All conditions have been created for this, Russian Deputy Minister of Industry and Trade Georgy Kalamanov said Thursday.

"In the context of inviting our partners to Russia, I believe that all conceivable conditions have now been developed here. Of course, we are constantly working on this issue, but such conditions have been created. Therefore we are waiting for everyone, the state is ready to support all companies entering Russia,” Kalamanov told participants at a plenary meeting of the 10th International Economic Summit Russia-Islamic World: Kazan Summit 2018.

According to Kalamanov, Russia's trade turnover with OIC countries stands at about $75 billion, with exports accounting for about $58 billion. Imports from OIC countries total about $17 billion. Turkey, Kazakhstan and Egypt are Russia's main trade partners.

"The state export-support system consists of Vnesheconombank, the Russian Export Center, the Russian Export-Import Bank and the Russian Agency for Export Credit and Investment Insurance (EXIAR). Therefore our colleagues are always ready to support Russian exports elsewhere and to support OIC investors in Russia,” he added.

Kalamanov also noted the positive tendency regarding Russian agricultural produce deliveries to the OIC countries and vice versa. “We hope to retain this trend in the near future,” he noted.

Kazan has been hosting the International Economic Summit Russia-Islamic World: Kazan Summit since 2009. The forum aims to strengthen trade, economic, scientific, technological, social and cultural ties between Russia and OIC countries.

This year’s Kazan Summit is being held on May 10-12, including about 3,000 representatives of international organizations, government agencies, financial institutions, embassies, parliaments and business circles from over 50 countries. The 2018 summit focuses on the halal lifestyle.

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